Hello Traders,
since the low @10004.55 NIFTY50is moving higher, retraced a .618 Fibonacci of the decline from 10710, which is a wave (iv) level. The move within the last hours is trending sideways, indicating at least a more up sequence to complete a first leg up. A possible target area is around the 10559.03, where this move is equal to the first leg up from 10004.55 to 10440.91!
If N50 is moving lower, without making a new high above 10441, the targetzone surrounds @ 10272-10233, a 0.5-.618 fibonacci.
Trading below 10105 open the door to 10004 and lower targets, as mentioned before.
Todays TRIN closed at 0.63, while the a/d-Ratio was at 1, a neutral measurement, let the door open to both sides of a trade, with TRIN indicating a strong upmomentum.
We will check the market closely and as soon new pattern still develop, we will discuse it at this pages.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
since the low @10004.55 NIFTY50is moving higher, retraced a .618 Fibonacci of the decline from 10710, which is a wave (iv) level. The move within the last hours is trending sideways, indicating at least a more up sequence to complete a first leg up. A possible target area is around the 10559.03, where this move is equal to the first leg up from 10004.55 to 10440.91!
If N50 is moving lower, without making a new high above 10441, the targetzone surrounds @ 10272-10233, a 0.5-.618 fibonacci.
Trading below 10105 open the door to 10004 and lower targets, as mentioned before.
Todays TRIN closed at 0.63, while the a/d-Ratio was at 1, a neutral measurement, let the door open to both sides of a trade, with TRIN indicating a strong upmomentum.
We will check the market closely and as soon new pattern still develop, we will discuse it at this pages.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!